Hyperliquid Prop Firms in 2026: Who Is Behind Them and What's Actually On-Chain
Updated · 2 min read
Five prop firms are built around Hyperliquid: Propr, Hypernova, Carrot Funding, HyperPNL and Hyperscaled/Hyper Stack. All of them run simulated or hybrid accounts. What differs is how much is verifiable on-chain: Hypernova settles payouts from a public Arbitrum reserve, Carrot pays on Arbitrum and publishes its vault, and Propr routes selected trades to Hyperliquid and labels A-book vs B-book. Hyperscaled is a simulated white-label of Vanta with nothing on-chain for you to check.
- Propr: Propr Limited (BVI), founder Louis Regis, built by XBorg and backed by SwissBorg.
- Hypernova: Hypernova Systems (Cayman), CEO Anar Bayramov, $3M pre-seed (May 2026) led by Lemniscap.
- Carrot Funding: team not disclosed; Hyperliquid execution, Arbitrum payouts, rethink.finance vault.
- Hyperscaled and Hyper Stack: run by Taoshi VT Services, the team behind Vanta and Bittensor subnet 8.
- As of mid-2026, none had published a third-party smart contract audit.
The firms at a glance
| Firm | Who's behind it | What's on-chain | Split |
|---|---|---|---|
| Propr | Propr Limited (BVI); Louis Regis; XBorg / SwissBorg | A-book trades routed to Hyperliquid; USDC payouts; public stats dashboard | 80% |
| Hypernova | Hypernova Systems (Cayman); CEO Anar Bayramov; Lemniscap-led $3M | Payout reserve and settlement contract on Arbitrum | 80% |
| Carrot Funding | Not disclosed | Payouts on Arbitrum; vault NAV; challenge NFTs; A/B booking | 80% |
| HyperPNL | From a Hyperliquid community hackathon | Payout contracts described (addresses not published); trading off-chain | 80% |
| Hyperscaled | Taoshi VT Services (Vanta) | Nothing to verify: simulated, monthly USDC rewards | 100% (Hyper Stack 90%) |
Rules compared
| Firm | Evaluation | Loss limits | Payouts |
|---|---|---|---|
| Propr | 1-step 9–12% or 2-step 5%+10% | 3% daily; 3–6% static (1-step) or 8% trailing (2-step) | On demand, min $20, <24h |
| Hypernova | 9–10% target | 3–4% daily; 3–7% static by risk tier | Programmatic, seconds, 24/7 |
| Carrot Funding | 1-phase 8% or 2-phase 5%+8% | 4–5% daily; 8–10% trailing that stops at start | On demand, min 100 USDC, <24h |
| HyperPNL | 1-step 10% or 2-step 10%+5% | 3–5% daily; 5–9% static | Instant, min 1% of size |
| Hyperscaled | 10% target | 5% daily; 5% EOD trailing (8% funded) | Monthly |
What 'on-chain' does and doesn't mean
An analysis by Alex Firdaus (June 2026) sorted these firms by how much is actually enforced on-chain. Only payouts and reserves are reliably verifiable today. Evaluation logic, account state and rule enforcement run on firm servers at every Hyperliquid prop firm we checked. Propr's founder acknowledged that account state and the simulation environment 'are not yet fully on-chain'. Carrot says it's integrating Oasis ROFL, a trusted-execution layer that re-runs evaluation and payout decisions to make them provable.
No audits yet
As of June 25, 2026, none of these firms had publicly disclosed a professional third-party smart contract audit. Hypernova's reserve contract manages pooled funds and is unaudited.
Not to be confused with Hyperprop
Hyperprop (hyperprop.com) is not a Hyperliquid prop firm. It's a trading platform for CME futures prop accounts, built by the team behind the copy-trading tool Tradesyncer, and it doesn't sell evaluations or fund traders. MyFundedFutures is integrating it. See futures vs perps prop firms.
Frequently asked questions
Which Hyperliquid prop firm is the most transparent?
For payouts, Hypernova (public reserve and settlement contract) and Carrot Funding (Arbitrum payouts and vault). For execution, Propr discloses A-book vs B-book per account.
Do Hyperliquid prop firms trade my orders on Hyperliquid?
Not usually. Accounts are simulated using Hyperliquid prices. Some firms copy selected traders' positions into Hyperliquid's real order book.
Is Hyperprop a Hyperliquid prop firm?
No. Hyperprop is a CME futures trading platform for prop traders, unrelated to Hyperliquid.
Sources
- Alex Firdaus — Hyperliquid prop firms: not all of them are actually on-chain (2026)
- Propr — Trading rules
- Hypernova — FAQ and docs
- Carrot Funding FAQ
- Vanta Trading FAQ
- Crypto Briefing — Hypernova raises $3M pre-seed
Educational content, not financial advice. Perps and prop evaluations are high-risk; firm rules change, so check each firm's current terms.
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